Plant is launched through it’s 100% subsidiary, Greaves Electric Mobility.
Key points to note –
- Tamil Nadu is fast becoming the EV capital of India. After Ola, this is the 2nd large EV facility in the state.
- The current facility is spread across 35 acres and would be used both for domestic sales and exports.
- Greaves has been going aggressive on e-mobility and has gradually increased it’s focus across Electric Two Wheelers, Electric Three Wheelers and Electric Rickshaws.
- The Company had announced a total investment of Rs 700 crore about 3 years back to be invested over next 10 year period. So far the Company has invested about Rs 300 crore in the EV business. Tamil Nadu plant is also a part of this investment.
- The facility would have a capacity to produce 1.20 lakh units by the end of this financial year and the company has planned to gradually enhance the production to one million units in future.
Greaves Cotton is an interesting Company to watch if someone is looking to play the EV story.